Evans Industries produces high-end flutes for professional musicians across the globe. Actual manufacturing overhead for the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Evans Industries produces high-end flutes for professional musicians across the globe. Actual manufacturing overhead for the year was $1,260,000. The flexible budget indicated that fixed overhead should have been $800,000 and variable overhead should have been $450,000 for the number of flutes actually produced. Using a standard costing system, the company allocated $1,290,000 of overhead to production. 1. Calculate the total overhead variance. What does this tell managers? 2. Determine the overhead flexible budget variance. What does this tell managers? 3. Determine the production volume variance. What does this tell managers? 1. Calculate the total overhead variance. What does this tell managers? Identify the formula labels and calculate the total overhead variance. (Enter all values as positive numbers. Label the variance as favourable (F) or unfavourable (U).) Total overhead variance: Total overhead variance What does the total overhead variance tell managers? The variance tells managers that Evans manufacturing overhead by this amount. 2. Determine the overhead flexible budget variance. What does this tell managers? Identify the formula labels and calculate the overhead flexible budget variance. (Enter all values as positive numbers. Label the variance as favourable (F) or unfavourable (U).) Overhead flexible budget variance: Overhead flexible budget variance What does the overhead flexible budget variance tell managers? The variance tells managers that Evans actually incurred for manufacturing overhead than they would have expected for the actual volume produced during the year. 3 Determine the production voluume variance What does this tell managers2 3. Determine the production volume variance. What does this tell managers?. Identify the formula labels and calculate the production volume variance. (Enter all values as positive numbers. Label the variance as favourable (F) or unfavourable (U).) Production volume variance: Production volume variance What does the production volume variance tell managers? Managers can tell from the variance amount that the total overhead variance arose because Evans produced V flutes than originally expected. It is V. because Evans used its plant capacity V efficiently than originally anticipated. Evans Industries produces high-end flutes for professional musicians acrc variable overhead should have been $450,000 for the number of flutes act 1. Calculate the total overhead variance. What does this tell managers? 2. Determine the overhead flexible budget variance. What does this tell ma 3. Determine the production volume variance. What does this tell managers Total overhead variance. Actual overhead cost Flexible budget overhead for actual outputs I Production volume variance Sales volume variance Standard overhead allocated to production Total overhead variance inufacturing overa es this tell manag Identify the formula labels and calculate the overhead flexible budget variance. Overhead flexible budget variance Choose from any list or enter any number in the input fields and then contin Save for Later Type here to search ans Industries produces high-end flutes for professional musicians across the globe. A iable overhead should have been $450,000 for the number of flutes actually produced Calculate the total overhead variance. What does this tell managers? Determine the overhead flexible budget variance. What does this tell managers? Determine the production volume variance. What does this tell managers? entify the formula labels and calculate the overhead flexible budget variance. (Enter all w Overhead flexible budget variance: Overhead flexible budget variance What does the overhead flexible budget variance tell managers? The variance tells managers that Evans actually incurred for manufact erhead 3. Determine the production volume variance. What does this tell managers?. Identify the formula labels and calculate the production volume variance. (Enter all values as Choose from any list or enter any number in the input fields and then continue to the next Save for Later P Type here to search Evans Industries produces high-end flutes for professional musicians across the globe. Actual manufacturing overhead for the year was $1,260,000. The flexible budget indicated that fixed overhead should have been $800,000 and variable overhead should have been $450,000 for the number of flutes actually produced. Using a standard costing system, the company allocated $1,290,000 of overhead to production. 1. Calculate the total overhead variance. What does this tell managers? 2. Determine the overhead flexible budget variance. What does this tell managers? 3. Determine the production volume variance. What does this tell managers? 1. Calculate the total overhead variance. What does this tell managers? Identify the formula labels and calculate the total overhead variance. (Enter all values as positive numbers. Label the variance as favourable (F) or unfavourable (U).) Total overhead variance: Total overhead variance What does the total overhead variance tell managers? The variance tells managers that Evans manufacturing overhead by this amount. 2. Determine the overhead flexible budget variance. What does this tell managers? Identify the formula labels and calculate the overhead flexible budget variance. (Enter all values as positive numbers. Label the variance as favourable (F) or unfavourable (U).) Overhead flexible budget variance: Overhead flexible budget variance What does the overhead flexible budget variance tell managers? The variance tells managers that Evans actually incurred for manufacturing overhead than they would have expected for the actual volume produced during the year. 3 Determine the production voluume variance What does this tell managers2 3. Determine the production volume variance. What does this tell managers?. Identify the formula labels and calculate the production volume variance. (Enter all values as positive numbers. Label the variance as favourable (F) or unfavourable (U).) Production volume variance: Production volume variance What does the production volume variance tell managers? Managers can tell from the variance amount that the total overhead variance arose because Evans produced V flutes than originally expected. It is V. because Evans used its plant capacity V efficiently than originally anticipated. Evans Industries produces high-end flutes for professional musicians acrc variable overhead should have been $450,000 for the number of flutes act 1. Calculate the total overhead variance. What does this tell managers? 2. Determine the overhead flexible budget variance. What does this tell ma 3. Determine the production volume variance. What does this tell managers Total overhead variance. Actual overhead cost Flexible budget overhead for actual outputs I Production volume variance Sales volume variance Standard overhead allocated to production Total overhead variance inufacturing overa es this tell manag Identify the formula labels and calculate the overhead flexible budget variance. Overhead flexible budget variance Choose from any list or enter any number in the input fields and then contin Save for Later Type here to search ans Industries produces high-end flutes for professional musicians across the globe. A iable overhead should have been $450,000 for the number of flutes actually produced Calculate the total overhead variance. What does this tell managers? Determine the overhead flexible budget variance. What does this tell managers? Determine the production volume variance. What does this tell managers? entify the formula labels and calculate the overhead flexible budget variance. (Enter all w Overhead flexible budget variance: Overhead flexible budget variance What does the overhead flexible budget variance tell managers? The variance tells managers that Evans actually incurred for manufact erhead 3. Determine the production volume variance. What does this tell managers?. Identify the formula labels and calculate the production volume variance. (Enter all values as Choose from any list or enter any number in the input fields and then continue to the next Save for Later P Type here to search
Expert Answer:
Answer rating: 100% (QA)
Req 1 Evans Industries Computation of Total Overhead Variance Total overhead variance Actual overhea... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Harris Industries produces high- end flutes for professional musicians across the globe. Actual fixed manufacturing overhead for the year was $ 1,270,000, while the budgeted fixed manufacturing...
-
Rovnovsky Industries produces high-end flutes for professional musicians across the globe. Actual manufacturing overhead for the year was $1,240,000. The flexible budget indicated that fixed overhead...
-
Miracle Industries produces high-end flutes for professional musicians across the globe. Actual fixed manufacturing overhead for the year was $1,200,000, while the budgeted fixed manufacturing...
-
The bank portion of the bank reconciliation for Langer Company at November 30, 2017, was as follows. The bank statement contained two memoranda: 1. A credit of $5,285 for the collection of a $5,140...
-
What is the primary objective of a monetize strategic market plan?
-
Harriet Green told the Commission about her personal transformation toolkit, which she has used to overhaul a number of organisations on different continents, including Thomas Cook. Driving...
-
Distinguish between flow of an ideal gas and inviscid flow of a fluid.
-
Net sales for the year were $900,000 and cost of goods sold was $558,000 for the company's existing products. A new product is presently under development and will have an expected selling price of...
-
X - rays having an energy of 3 0 1 keV undergo Compton scattering from a target. The scattered rays are detected at 3 1 o relative to the incident rays. Find the Compton shift at this angle. Round...
-
Chris, a local baker, is interested in opening her very own Cupcake Cafebut to make it worth her while she needs to earn at least $35,000 per year in profit from all segments. She's lucked out and...
-
The figure below shows demand for a road segment with free access for cars, as well as the average cost of use (red curve) (in the $ equivalent of the time of transit), and the social marginal cost...
-
To demonstrate awareness of the scope and variety of works in the arts and humanities, and to articulate an informed personal response and critically analyze works in the arts and humanities....
-
You discover a savings account belonging to your great-grandmother. It has been earning 1% annually for 50 years. The balance is $35,712. How much money did your great-grandmother originally put in...
-
A logic problem (10 Marks) The following logic problems involve translating between English and "Logic". For each problem, you should: Identify the universal class. (What do all the terms refer to?)...
-
3. What output does the following produce? (No partial credit) package javaapplication370; public class Java Application370 { public static void main(String[] args) { int n-64; System.out.printf...
-
X Corp, a personal holding company, is owned by two individuals and has gross income as follows: $50,000 gross profits from sales, capital gains of $10,000, dividends of $5,000 from a 10% owned...
-
O'SHEA ENTERPRISES LABOR HOURS Directions Read the scenario, then answer the question that follows. Scenario O'Shea uses labor standards to estimate the labor-hours required for certain repetitive...
-
The column shown in the figure is fixed at the base and free at the upper end. A compressive load P acts at the top of the column with an eccentricity e from the axis of the column. Beginning with...
-
Snyder Manufacturing produces self-watering planters for use in upscale retail establishments. Sales projections for the first five months of the upcoming year show the estimated unit sales of the...
-
The Morgan Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Morgan's purchased and used 103,000 pounds of potatoes at a price of $0.70 per...
-
McCormick Optical Company reported the following amounts on its balance sheet at December 31: Cash and receivables ............................................................................. $...
-
(a) Is the magnitude of the gravitational force exerted by Earth on a ball greater than, equal to, or smaller than the magnitude of the gravitational force exerted by the ball on Earth? (b) Is the...
-
Two objects 1 and 2, of mass \(m_{1}\) and \(m_{2}\), are released from rest far from Earth, at a location where the magnitude of the acceleration due to gravity is much less than \(g=9.8 \mathrm{~m}...
-
A communications satellite orbits \(1.4 \times 10^{7} \mathrm{~m}\) from Earth's center, at a location where the magnitude of Earth's gravitational field is \(2.0 \mathrm{~N} / \mathrm{kg}\). (a) If...
Study smarter with the SolutionInn App